Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:



	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	72,602	$	72,602	$	—	$	—
Mutual funds⁽²⁾	20,783		20,783		—		—
United States government securities⁽²⁾	50,379		50,379		—		—
Corporate securities⁽²⁾	74,559		68,624		—		5,935
Commercial paper⁽³⁾	1,799		—		1,799		—
Corporate obligations⁽²⁾	31,965		—		14,535		17,430
Investments in certain funds⁽⁴⁾	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209


(1)	Reported within "Cash and cash equivalents."


(2)	Reported within “Marketable securities.”


(3)	$1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."


(4)	Reported within "Other investments."

Assets and liabilities measured at fair value on a recurring basis at September 30, 2014, summarized by measurement input category, were as follows:



	Total			Level 1			Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	46,677		$	46,677		$	—	$	—
Restricted cash	20,264			20,264			—		—
Mutual funds⁽²⁾	20,759			20,759			—		—
Corporate securities⁽²⁾	116,796			100,409			—		16,387
Corporate obligations⁽²⁾	32,080			—			12,858		19,222
Investments in equity-method investees	26,871			26,871			—		—
Investments in certain funds⁽³⁾	540			—			—		540
Total assets	$	263,987		$	214,980		$	12,858	$	36,149

Liabilities
Financial instrument obligations	$	(20,264	)	$	(20,264	)	$	—	$	—


(1)	Reported within "Cash and cash equivalents"


(2)	Reported within “Marketable securities”


(3)	Reported within "Other investments"

Assets and liabilities measured at fair value on a recurring basis at December 31, 2013, summarized by measurement input category, were as follows:



	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash, including short-term deposits⁽¹⁾	$	72,602	$	72,602	$	—	$	—
Mutual funds⁽²⁾	20,783		20,783		—		—
United States government securities⁽²⁾	50,379		50,379		—		—
Corporate securities⁽²⁾	74,559		68,624		—		5,935
Commercial paper⁽³⁾	1,799		—		1,799		—
Corporate obligations⁽²⁾	31,965		—		14,535		17,430
Investments in certain funds⁽⁴⁾	844		—		—		844
Total	$	252,931	$	212,388	$	16,334	$	24,209


(1)	Reported within "Cash and cash equivalents."


(2)	Reported within “Marketable securities.”


(3)	$1.0 million reported within "Cash and cash equivalents" and $0.8 million reported within "Marketable securities."


(4)	Reported within "Other investments."

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in the fair value of assets valued using Level 3 measurement inputs during the three and nine months ended September 30, 2014 and 2013, were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Balance, beginning of period	$	32,346		$	20,952		$	24,209		$	2,804
Purchases	2,756			—			13,294			39,332
Sales	(137		)	(32		)	(4,869		)	(22,958		)
Realized gains (losses) on sale	—			—			(129		)	1,556
Unrealized gains (losses)	1,184			(2,210		)	3,644			(2,024		)
Balance, end of period	$	36,149		$	18,710		$	36,149		$	18,710

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details